Nextracker (NASDAQ:NXT) Shares Down 5% – What’s Next?

Nextracker Inc. (NASDAQ:NXT)’s stock price dropped 5% during mid-day trading on Friday . The company traded as low as $75.09 and last traded at $75.42. Approximately 1,540,668 shares traded hands during trading, a decline of 38% from the average daily volume of 2,469,145 shares. The stock had previously closed at $79.36.

Wall Street Analysts Forecast Growth

NXT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on Nextracker from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, September 19th. TD Cowen upped their price target on Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 30th. Guggenheim raised Nextracker from a “neutral” rating to a “buy” rating and set a $74.00 price target on the stock in a report on Monday, August 18th. Zacks Research raised Nextracker to a “hold” rating in a report on Tuesday, August 12th. Finally, Wells Fargo & Company upped their price target on Nextracker from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.10.

Nextracker Stock Down 2.8%

The business has a fifty day simple moving average of $65.99 and a two-hundred day simple moving average of $56.82. The company has a market cap of $11.41 billion, a P/E ratio of 21.02, a P/E/G ratio of 2.43 and a beta of 2.27.

Insider Buying and Selling

In other news, President Howard Wenger sold 5,703 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $70.00, for a total value of $399,210.00. Following the transaction, the president owned 414,256 shares of the company’s stock, valued at $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of the transaction, the chief financial officer directly owned 295,059 shares in the company, valued at $19,830,915.39. This trade represents a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 over the last ninety days. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. New York State Teachers Retirement System raised its stake in shares of Nextracker by 18.2% in the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company’s stock worth $5,268,000 after buying an additional 19,247 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in shares of Nextracker in the first quarter worth about $210,000. Allspring Global Investments Holdings LLC grew its position in shares of Nextracker by 51.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock worth $850,000 after purchasing an additional 6,693 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Nextracker by 189.8% during the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock worth $115,000 after purchasing an additional 1,792 shares in the last quarter. Finally, KBC Group NV grew its position in shares of Nextracker by 719.8% during the first quarter. KBC Group NV now owns 49,908 shares of the company’s stock worth $2,103,000 after purchasing an additional 43,820 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.